The 5.4MW biomass plant will generate around 34GWh of green electricity annually and could provide heat to neighbouring manufacturing businesses. The plant is also expected to cut greenhouse gas emissions by 6000 tonnes CO2e per year.
GIB head of investment banking Edward Northam said: “Dual-purpose plants like Wrexham, which are capable of generating renewable electricity and heat for the benefit of local industry, play an important role in greening the UK economy.
“Heat isn’t just a bi-product of the electricity generation process; it is a valuable source of energy in itself.”
The Equitix-managed fund in which GIB is a cornerstone investor, is investing £12.25 million in the project and an additional £12.75 million of private capital has been mobilised from the parallel Equitix Energy Efficiency Fund (EEEF).
Power will be exported to the grid and sold to Engie under a long-term power off-take agreement.
Equitix chief executive officer Geoff Jackson said: “We are pleased to have reached financial close on another CHP ‘ready’ scheme in our energy efficiency portfolio.
“Equitix is pleased to have achieved this close on behalf of our investors and we expect to close further energy efficiency deals in the coming months.”